Korean retail traders get liquidated for 1.7 trillion won; institutions want to wait for sentiment to cool before acting
On Wednesday, July 29, Korean retail investors were forced to liquidate positions totaling about 1.7 trillion won (around US$1.2 billion). The Korea KOSPI index fell by more than 12% at one point, and SK Hynix dropped by over 17%, setting a record for the largest single-day decline. “There have been a lot of forced liquidation situations today,” said Jung In Yun, Global CEO of Fibonacci Asset Management. “We need to wait until the selling sentiment of retail investors calms down before we take action.”
On Wednesday, July 29, Korean retail investors were forced to liquidate positions totaling about 1.7 trillion won (around US$1.2 billion). The Korea KOSPI index fell by more than 12% at one point, and SK Hynix dropped by over 17%, setting a record for the largest single-day decline. “There have been a lot of forced liquidation situations today,” said Jung In Yun, Global CEO of Fibonacci Asset Management. “We need to wait until the selling sentiment of retail investors calms down before we take action.”